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http://articles.latimes.c...a-fi-schwab-sec-20110112Originally Posted by cguy610
Yea, feel free to do no research and put all your faith and life savings in the hands of some "professional". Let me know how that works out for you.Originally Posted by hombrelobo
Stop speaking right now then.Originally Posted by cguy610
I'm going off experiences of friends, family, and talks with financial advisors that I know.
[h1][/h1][h1]Charles Schwab settles SEC allegations that it misled investors about risks of bond fund[/h1]
[h2]The brokerage agrees to pay $119 million in settlement. Its YieldPlus fund lost hundreds of millions of dollars in early 2008 when the value of the many mortgage bonds in its portfolio collapsed.[/h2]
January 12, 2011|By Walter Hamilton, Los Angeles Times
Three years after a supposedly safe bond fund plunged in value, Charles Schwab Corp. agreed to pay $119 million to settle government allegations that it misled investors about the risks of the portfolio's mortgage-related holdings.
The Securities and Exchange Commission's suit against Schwab, which was filed as well as settled Tuesday, depicts a microcosm of the mortgage meltdown and financial crisis, with plenty of blame to go around.
My man I see what youre saying, I agree there are many professional money managers that are in it only for the money and could care less about their clients. But 119 Million is pennies compared to the billions and billions of dollars pro mny mngs make their clients.
I think what the other dude is saying is that dont be scared to use a mng based on a few stories. Just research a pro like you do a stock. Check their history, ask how they determine what to invest, what kind of fees they charge, who else they work with etc etc. And monitor their actions. Its much less work than trading yourself and the returns can be much greater.
I dunno if you have a retirement acct or not but I'd prob suggest puttin some of that in a Roth IRA, or some retirement vehicle. Do your research see which makes most sense. Then start investing just a little per month in that acct. Habit of saving>>>>sporratic amts of money. Then use the rest to experiment. Read up on Buffet too, dude is a genius and he simplifies investing so much